Albany, NY -- (SBWIRE) -- 07/09/2014 -- Industrial diamond, one of the strongest materials available, is a diamond used for varied industrial purposes such as cutting tool. Over 80% of the global diamond consumption comprises of these industrial diamond. Industrial diamond possesses several characteristics such as high strength, wear resistance, thermal conductivity and corrosion resistance. Industrial diamond is mainly employed in the production of abrasives, medical and electronics among others. Abrasives dominate the global demand for industrial diamond and the trend is expected to continue in the near future.

Industrial diamond can be mined from its natural reserves and can also be produced synthetically. Synthetic diamonds can be modified as per the end user industries and can be produced in the desired quantity unlike natural diamonds. On account of this factor, synthetic diamond dominates the global demand for industrial diamonds and the trend is expected to continue in the near future. Exploitation of human rights during mining of natural diamond mainly in the under developed nations has led to several human rights and political issues in the industry. The issues related to natural diamonds are also among the major factors fuelling demand for synthetic diamonds.

Boart, ballas and black diamond are among the dominant naturally mined industrial diamonds. Nanodiamond is expected to be the fastest growing segment of synthetic diamonds during the forecast period. Nanodiamond is mainly employed in the production of abrasives and polishes. Other applications of nanodiamond include lubricants, polymers and biosensors among several others. With increasing research and development activities application scope of nanodiamond is increasing and the diamond is gaining acceptance in medical applications including chemotherapy, anti viral & anti bacterial applications and gene therapy among several others. Medical applications are expected to drive demand for nanodiamond in the near future.

Increasing demand for high strength abrasives for several purposes including cutting, grinding, polishing, others has been among the major drivers for industrial diamond market growth. Major end user industries for industrial diamond include electronics and automobiles. Hence, increasing disposable income and overall economic growth of a region are among major factors driving demand for industrial diamond in a region. Research and development activities to lower production cost and increase the application scope of industrial diamonds is expected to offer huge growth opportunity for market growth.

Asia Pacific region dominates the global consumption and production of industrial diamonds. China alone accounts for over 70% of the global production of industrial diamond. Increasing industrial investments and high GDP growth rate in the emerging economies of India and China is expected to drive market growth in the region. Asia Pacific is expected to be the fastest growing region for industrial diamond market growth during the forecast period. North America is the second largest market for industrial diamonds. Demand for industrial diamond in North America and Europe is expected to be driven by growing demand for nanodiamond. Brazil is among the leading sources for natural industrial diamonds. Increasing industrial investment in Latin America is expected to drive market growth in the RoW region.